2 ms·
What Forbes reports as mostly fakes are exchange trades, not on-chain transactions. These are two completely different things...
by mrb 8y ago
What Forbes reports as mostly fakes are exchange trades, not on-chain transactions. These are two completely different things...
- arcticbull 8y agoYes and no. They’re not on-chain but so what? Exchanges are the sole fiat gateways, which in turn determines the exchange rate between BTC and fiat, which in turn determined the exchange rate between BTC and goods and services. These off-chain transactions determine how many apples a bitcoin gets you. The net is then settled onto the blockchain. They’re relevant. As relevant as any Lightning transaction, or is LN not “real bitcoin” either?
- mrb 8y agoYou tried to claim we knew nothing about Bitcoin's adoption because 95% of exchange trades are fake. I'm telling you this is irrelevant. Exchange trades tell us nothing about Bitcoin's adoption. They are just noise from wash traders, crooked exchanges, arbitragers, etc. To gauge Bitcoin's adoption you need to look at on-chain transactions, not exchange trades. Makes sense?